Millennium Management, one of the world's largest hedge fund firms, was sued on Friday by rival Jane Street Group, which accused it of stealing a valuable in...
Investors are watching for the giant banks to demonstrate how they benefit if interest rates remain higher than expected this yearNEW YORK - Millennium Management , one of the world's largest hedge fund firms, was sued on Friday by rival Jane Street Group, which accused it of stealing a valuable in-house trading strategy after two traders defected.
It said the theft became apparent when its profit from the strategy plunged more than 50% almost immediately after Schadewald left. Jane Street said it built the trading strategy to take advantage of inefficient markets.The lawsuit seeks compensatory and punitive damages for causing "severe and irreparable" harm" through the "egregious misappropriation" of closely guarded trade secrets, which allegedly violated the traders' confidentiality agreements.
The New York-based firm did not immediately respond to requests for comment. Schadewald and Spottiswood are also defendants. Jane Street is based in New York.
Millennium Management Douglas Schadewald Daniel Spottiswood Israel Englander Trading Strategy Schadewald
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